20% sequential quarterly revenue growth and 91% year-over-year quarterly gross profit growth
Continued momentum from recurring higher-margin cartridge sales now reaching 58% of total sales for the nine months ended March 31, 2025
35 new accounts and international growth during Q3 bring total active accounts to over 450
NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) (“INBS” or the “Company”), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced its financial results for the fiscal third quarter and nine months ended March 31, 2025, and provided a business update.
The Company delivered a strong quarter of growth in revenue compared to the previous quarter, supported by ongoing expansion across safety-critical industries and steady customer acquisition. Cartridge sales, a key contributor to margin improvement, continue to make up a growing share of income, contributing 58% of total revenue for the fiscal year to March 31, 2025, and strengthening the Company’s recurring revenue model. With 35 new customers added during the quarter and an active customer base now surpassing 450 accounts, INBS remains on track with its plans to scale its commercial footprint and international presence ahead of its expected entry into the U.S. market.
During the fiscal third quarter, the Company advanced its international growth strategy and product readiness through a series of targeted initiatives. These included expanded access in key European markets, multilingual upgrades to its drug screening system and digital outlets, and further protection of its core intellectual property portfolio. Together, we believe these developments support the Company’s ability to scale globally and drive sustained commercial growth.
“As we expand further into new markets, our focus on growing cartridge adoption, our highest-margin revenue stream, is strengthening the business fundamentals,” said Harry Simeonidis, President and CEO at Intelligent Bio Solutions. “We’ve also seen a notable reduction in losses this quarter, reflecting ongoing improvements in cost control and operational efficiency. To support global scalability, we introduced multilingual functionality across our drug screening system and websites, ensuring our solution is widely accessible, commercially viable, and ready for broader distribution across international markets. We believe these efforts are laying a strong foundation for long-term, sustainable revenue growth.”
Marketing Updates: Scaling Awareness and Engagement
Launched localized websites in Arabic, Spanish, and Italian as part of a broader localization strategy to support lead generation and improve accessibility across key regions.
Activated multi-channel advertising campaigns in the UK and Australia, targeting safety-critical industries.
Launched dedicated distributor-focused campaigns to attract new channel partners across the Asia Pacific region, Europe, and the Middle East.
Showcased the Intelligent Fingerprinting Drug Testing Solution at six key events:
United Kingdom: The Port Skills & Safety Event and the Health & Safety Event in the UK;
United States: The National Drug and Alcohol Screening Association (NDASA) Conference and iAccess events in the USA; and
Europe: The European Workplace Drug Testing Society (EWDTS) Conference and Police Winter Forum in Europe.
Sales Updates: Expanding Global Pipeline
Secured 35 new accounts throughout the quarter ended March 31, 2025, bringing the Company's total active account base to over 450.
Expanded access to fingerprint drug testing in Spain and Andorra through a strategic collaboration with Detecto, a division of Spanish distributor MTB Distribuciones Tecnologicas SL.
Strengthened foothold throughout Europe and the Middle East through partnership with IVY Diagnostics Srl.
Regulatory and Product Development: Progress Across Key Markets
Granted a patent in the United States relating to the Intelligent Fingerprinting Drug Screening Cartridge, marking the Company's sixth U.S. patent.
Announced plans for a major system upgrade to support multiple global languages across North and South America, Europe, Asia Pacific, and the Middle East.
Integrated Arabic and Latin American Spanish to the Intelligent Fingerprinting Drug Screening System as part of the Company's multilingual upgrade.
Continued regulatory scoping in Canada, Indonesia, and the Philippines to support long-term expansion strategy.
Financial Results for the Fiscal 2025 Third Quarter and Nine-Months Ended March 31, 2025:
Total cash and cash equivalents on hand as of March 31, 2025, was $2.81 million.
Shareholders equity as of March 31, 2025, was $4.94 million.
Total revenues for the fiscal third quarter were $0.73 million, an increase of 20% quarter-over-quarter.
Gross profits for the fiscal third quarter were $341,368, an increase of 91% year-over-year.
Cartridge revenue increased from 49% to 58% for the nine months ended March 31, 2025, an increase of 9 percentage points compared to the same period in 2024.
Total revenue for the nine months ended March 31, 2025, was $2.21 million.
Revenue from sales of goods for the three months ended March 31, 2025, increased by $121,373, or 20%, to $728,867 from $607,494, compared to three months ended December 31, 2024, and compares to $823,800 for the three months ended March 31, 2024. Total revenue for the nine months ended March 31, 2025, was $2.21 million compared to $2.38 million for the same period in 2024. Gross profit increased by $162,879, or 91%, to $341,368 from $178,489 for the three months ended March 31, 2025, compared to the same period in 2024, and increased by $301,214 or 49% to $911,282 from $610,068 for the nine months ended March 31, 2025. Increases in gross profit are mainly attributable to enhanced production capacity, which has reduced direct labor, direct materials, and direct product-related overhead costs. The Company continues to improve its strategic sales mix and operational streamlining, thus driving increased gross profit. Net loss attributable to the Company decreased by $434,141 to $2,543,526 from $2,977,667 for the three months ended March 31, 2025, compared to the same period in 2024.
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering intelligent, rapid, non-invasive testing solutions. The Company believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing through fingerprint sweat analysis, which has the potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test screens for the recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. The Company’s current customer segments outside the US include construction, manufacturing and engineering, transport and logistics firms, drug treatment organizations, and coroners.
For more information, visit: https://www.ibs.inc/
Forward-Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.’s ability to successfully develop and commercialize its drug and diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology, including “believes,” “estimates,” “anticipates,” “expects,” “plans,” “projects,” “intends,” “potential,” “may,” “could,” “might,” “will,” “should,” “approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in Intelligent Bio Solutions’ public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
Company Contact:
Intelligent Bio Solutions Inc.
info@ibs.inc
LinkedIn | Twitter
Investor & Media Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
PH: (212) 896-1254
INBS@kcsa.com
(Financial tables to follow)
Intelligent Bio Solutions Inc.
Condensed Consolidated Balance Sheets
(Amount in US$)
As of | As of | |||||||
March 31, 2025 | June 30, 2024 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 2,807,112 | $ | 6,304,098 | ||||
Accounts receivable, net | 510,963 | 429,704 | ||||||
Inventories, net | 683,488 | 777,537 | ||||||
Research and development tax incentive receivable | 520,312 | 525,332 | ||||||
Other current assets | 585,456 | 497,572 | ||||||
Total current assets | 5,107,331 | 8,534,243 | ||||||
Property and equipment, net | 546,458 | 565,850 | ||||||
Operating lease right-of-use assets | 126,798 | 306,744 | ||||||
Intangibles, net | 3,803,940 | 4,372,026 | ||||||
Total assets | $ | 9,584,527 | $ | 13,778,863 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 1,330,556 | $ | 1,704,568 | ||||
Current portion of operating lease liabilities | 151,322 | 274,834 | ||||||
Current portion of deferred grant income | 2,278,681 | 2,486,668 | ||||||
Current employee benefit liabilities | 447,670 | 469,381 | ||||||
Current portion of notes payable | 356,156 | 515,282 | ||||||
Total current liabilities | 4,564,385 | 5,450,733 | ||||||
Employee benefit liabilities, less current portion | 72,672 | 63,615 | ||||||
Operating lease liabilities, less current portion | 3,704 | 81,324 | ||||||
Total liabilities | 4,640,761 | 5,595,672 | ||||||
Commitments and contingencies | ||||||||
Shareholders’ equity | ||||||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 6,794,395 and 3,456,000 shares issued and outstanding as of March 31, 2025 and June 30, 2024, respectively | 67,941 | 34,557 | ||||||
Treasury stock, at cost, 116 shares as of March 31, 2025 and June 30, 2024, respectively | (1 | ) | (1 | ) | ||||
Additional paid-in capital | 65,012,004 | 60,971,740 | ||||||
Accumulated deficit | (59,442,961 | ) | (51,964,332 | ) | ||||
Accumulated other comprehensive loss | (523,417 | ) | (712,614 | ) | ||||
Total consolidated Intelligent Bio Solutions Inc. equity | 5,113,566 | 8,329,350 | ||||||
Non-controlling interest | (169,800 | ) | (146,159 | ) | ||||
Total shareholders’ equity | 4,943,766 | 8,183,191 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 9,584,527 | $ | 13,778,863 | ||||
Intelligent Bio Solutions Inc.
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss)
(Unaudited)
(Amount in US$)
Three months ended March 31, | Nine months ended March 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenue | $ | 728,867 | $ | 823,800 | $ | 2,208,648 | $ | 2,383,957 | ||||||||
Cost of revenue (exclusive of amortization shown separately below) | (387,499 | ) | (645,311 | ) | (1,297,366 | ) | (1,773,889 | ) | ||||||||
Gross profit | 341,368 | 178,489 | 911,282 | 610,068 | ||||||||||||
Other income | ||||||||||||||||
Government support income | 173,271 | 83,842 | 433,039 | 346,917 | ||||||||||||
Operating expenses | ||||||||||||||||
Selling, general and administrative expenses | (2,407,558 | ) | (2,425,830 | ) | (6,165,688 | ) | (6,587,934 | ) | ||||||||
Development and regulatory approval expenses | (358,351 | ) | (471,313 | ) | (1,814,047 | ) | (923,712 | ) | ||||||||
Depreciation and amortization | (301,978 | ) | (318,923 | ) | (907,577 | ) | (916,796 | ) | ||||||||
Total operating expenses | (3,067,887 | ) | (3,216,066 | ) | (8,887,312 | ) | (8,428,442 | ) | ||||||||
Loss from operations | (2,553,248 | ) | (2,953,735 | ) | (7,542,991 | ) | (7,471,457 | ) | ||||||||
Other income (expense), net | ||||||||||||||||
Interest expense | (15,000 | ) | (42,674 | ) | (50,829 | ) | (112,590 | ) | ||||||||
Realized foreign exchange loss | (113 | ) | (996 | ) | (914 | ) | (1,551 | ) | ||||||||
Fair value gain on revaluation of financial instrument | - | - | - | 175,738 | ||||||||||||
Interest income | 17,687 | 10,640 | 92,464 | 14,288 | ||||||||||||
Total other income, net | 2,574 | (33,030 | ) | 40,721 | 75,885 | |||||||||||
Net loss | (2,550,674 | ) | (2,986,765 | ) | (7,502,270 | ) | (7,395,572 | ) | ||||||||
Net loss attributable to non-controlling interest | (7,148 | ) | (9,098 | ) | (23,641 | ) | (23,060 | ) | ||||||||
Net loss attributable to Intelligent Bio Solutions Inc. | $ | (2,543,526 | ) | $ | (2,977,667 | ) | $ | (7,478,629 | ) | $ | (7,372,512 | ) | ||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Foreign currency translation gain (loss) | 116,007 | (144,026 | ) | 189,197 | (86,909 | ) | ||||||||||
Total other comprehensive income (loss) | 116,007 | (144,026 | ) | 189,197 | (86,909 | ) | ||||||||||
Comprehensive loss | (2,434,667 | ) | (3,130,791 | ) | (7,313,073 | ) | (7,482,481 | ) | ||||||||
Comprehensive loss attributable to non-controlling interest | (7,148 | ) | (9,098 | ) | (23,641 | ) | (23,060 | ) | ||||||||
Comprehensive loss attributable to Intelligent Bio Solutions Inc. | (2,427,519 | ) | (3,121,693 | ) | (7,289,432 | ) | (7,459,421 | ) | ||||||||
Net loss per share, basic and diluted | $ | (0.44 | ) | $ | (1.43 | ) | $ | (1.59 | ) | $ | (6.64 | ) | ||||
Weighted average shares outstanding, basic and diluted | 5,771,911 | 2,079,864 | 4,698,494 | 1,110,089 | ||||||||||||